PhonePe has crossed 50 million lifetime registered merchants on its platform as of April 28, 2026, marking a significant milestone in its push to accelerate the digitisation of India’s economy. With a presence across over 98% of the country’s postal codes, the platform has evolved beyond payments to offer a wider suite of merchant-focused solutions.
The company said the growth is the result of sustained efforts to make digital adoption simple and accessible, particularly for small businesses. Beginning with QR code-based payments, PhonePe worked to remove cost barriers and streamline onboarding through its Business app, enabling merchants to manage transactions while gradually adopting additional services.
Over time, merchants have also integrated tools such as loans, SmartSpeakers and POS devices, supported by a strong on-ground distribution network and local language support. This approach has helped the platform penetrate deeper into smaller towns and rural markets, bringing kirana stores and small shopkeepers into the formal digital ecosystem.
PhonePe’s expanding merchant base is further driven by its growing portfolio of solutions designed to address both payment acceptance and working capital needs, supporting business growth while reducing friction in digital transactions.
Commenting on the milestone, Yuvraj Singh Shekhawat, Chief Business Officer, Merchant Business, PhonePe said, “Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible to merchants across India. For many of our partners, the journey began with a simple QR code, but that relationship has since matured. Today, digital payments serve as a gateway to a wider range of formal services, including credit. We remain committed to building the necessary infrastructure to ensure that we can achieve financial inclusion for the smallest of merchants and they can participate in the nation’s digital growth.”
